Scottish Banks: How much does it cost to open an account in 2020?

If you need to open a company or live in a jurisdiction, you might want to ask how to open an account in Scotland. To do this, you need to select a bank beforehand and familiarize yourself with the terms of opening accounts for non-residents. The country is popular among businessmen who plan to organize activities in a prestigious jurisdiction.

You can create a partnership in the state. It is not necessary to open an account in this country, even if the offshore is based in Scotland. Such an organization has the right to open an account in any country, but it is possible to get some benefits when creating an account and company within one country.

Advantages of jurisdiction

Scotland is part of the United Kingdom. There are three official languages - Gaelic, Scottish and English. The state has standard taxation conditions, and it is possible to register an offshore company, which is not subject to taxation.

The advantages of the jurisdiction are as followed::

• Prestige and respectability;
• The possibility of registering an organization without paying taxes;
• Lack of currency control;
• Developed banking system.

Britain is considered one of the world’s economic leaders. In this regard, many entrepreneurs seek to register a company and open an account in Scotland.

How to choose a financial organization to open corporate account

Before you buy an account in Scotland, you need to find the right bank. It is necessary to get information about the activities of the financial organization to make sure that it meets the required conditions for businesses in the country..

The main parameters that should be taken into account when choosing a financial institution are:

• Provision of necessary services;
• Reliability and popularity of the organization;
• Employees with language skills;
• Favorable conditions for account opening, closing and maintenance;
• Minimum deposit size;
• Possibility to open an account remotely.

Advantages of opening an account in large banks - the ability to create both private and corporate accounts as well as to register the account remotely. Savings account maintenance services are provided. It is possible for a non-resident to open an account.

Popular Scottish banks

One of the country's famous banks is HSBC. It is one of the world's largest banks, its branches are located all over the world. It is possible to open an account remotely.

Another famous institution is Barclays PLC.  A huge advantage of this organization is that there are no requirements for the minimum balance. Convenient online banking is provided.

The Royal Bank of Scotland Group offers a wide range of services and products of the bank. It is a relevant option for residents.

Lloyds Banking Group is the oldest bank in the world. It allows you to register personal and corporate accounts.

The popular structure in the jurisdiction is Standard Chartered PLC. It is distinguished by its safety and data security. There are different types of accounts, some of which can be registered in a short time.

How to open a bank account

You can open an account with a personal visit, but you can also do so remotely at some banks. Requirements vary depending on the policies of banking institutions. It is recommended to know all the conditions and formalities in advance if it is necessary to open an account.

A package of documents should be prepared in advance. To open a corporate account, you need information about the beneficiaries, recommendations from the bank, statutory documents, information about the registration of the company, questionnaire, data on the structure of the company, etc. If you need to open an account, please contact our specialists at IT-OFFSHORE.